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Immersive Media Corp. (TSX VENTURE:IMC) ("IMC") is pleased to announce that it has completed the private placement of 2,200,000 units (comprised of 2,200,000 common shares and 1,100,000 warrants) for aggregate gross proceeds of $3,850,000.

IMC anticipates that the proceeds from this financing will be used to complete the previously announced acquisition of Freestone Systems, Inc. ("Freestone"), parent company of Light Speed Labs, L.P. and Light Speed Mobile, LLC, one of IMC's current technology partners. IMC is currently completing its due diligence in respect of Freestone.

Each unit was sold at a price of $1.75, and consists of one common share and one-half of one common share purchase warrant. Each whole common share purchase warrant entitles the holder thereof to purchase one common share at a price of $2.50 per share for a period of 24 months. The common shares and warrants comprising the units are subject to a four month hold period expiring on March 1, 2007.

IMC paid a finders' fee in respect of certain subscriptions in an amount equal to 6% of the gross proceeds raised. In addition, IMC issued warrants to certain finders equal to 6% of the number of units issued to subscribers sourced by such finders. Each finders' warrant entitles the holder thereof to purchase one common share at a price of $2.50 per share for a period of 16 months. The finders' warrants are subject to a four month hold period expiring on March 1, 2007.

After completion of this round of financing, total shares outstanding are 25,637,455 plus 2,085,420 options and 3,096,213 warrants. The active float is approximately 77%.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities nor shall there be any sale of securities in any state in the United States in which such offer, solicitation or sale would be unlawful. The securities offered will not be and have not been registered under the United States Securities Act of 1933 and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.

About Immersive Media Corp.

IMC is an advanced digital video imaging company. Using eleven video streams arranged according to geodesic geometry, immersive video captures an almost complete spherical image; a high-resolution 360 degree view of surroundings that is seamlessly stitched together. The imagery can also be integrated with relevant metadata and industry-specific database information to enhance content and provide viewers with greater visual detail in multiple layers. Details such as GIS coordinates, tags and other vital information, are simply incorporated which provides a complete picture for timely, fact-based decision-making. Immersive video can be experienced live or recorded through a variety of display options. Applications include: urban planning, oil and gas resource management, emergency response and first responder operations, and commercial media. IMC is a publicly traded company that is listed under the symbol "IMC" on the TSX Venture Exchange. For more information on IMC and immersive video, go to: www.immersivemedia.com

ADVISORY: Certain information in this press release constitutes forward-looking statements under applicable securities law. Any statements that are contained in this press release that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements are often identified by terms such as "may", "should", "anticipate", "expects", and similar expressions. Forward-looking statements in this press release include, but are not limited to, statements with respect to the proposed acquisition of Freestone, the proposal to hold a second closing for the financing, and the proposed use of proceeds of the financing. Forward-looking statements necessarily involve known and unknown risks, including, without limitation, risks associated with incorrect assessment of the value of acquisitions; failure to realize the anticipated benefits of acquisitions; and the inability to access sufficient capital from internal and external sources. Readers are cautioned that the foregoing list of factors is not exhaustive.

Readers are cautioned not to place undue reliance on forward-looking statements as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this press release are expressly qualified by this cautionary statement.

Additional information on these and other factors that could affect IMC's operations or financials results are included in IMC's reports on file with Canadian securities regulatory authorities and may be accessed through the SEDAR website (www.sedar.com), IMC's website (www.immersivemedia.com) or by contacting IMC. Furthermore, the forward-looking statements contained in this new release are made as of the date of this news release, and IMC does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by securities laws.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.